Insider Selling: TechTarget (NASDAQ:TTGT) CFO Sells 8,459 Shares of Stock

Key Points

• TechTarget CFO Daniel Noreck sold 8,459 shares of the company's stock for $50,669.41, reducing his ownership by 10.58% to a total of 71,519 shares valued at $428,398.81.
• TechTarget's stock is currently priced at $6.22, down 0.3%, with a twelve-month low of $5.55 and a high of $33.08.
• The company reported an earnings per share of $0.29 for the last quarter, surpassing analysts' expectations, but has a negative net margin of 252.96% and a projected EPS of -0.46 for the current year.

TechTarget, Inc. (NASDAQ:TTGT - Get Free Report) CFO Daniel T. Noreck sold 8,459 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $5.99, for a total value of $50,669.41. Following the completion of the sale, the chief financial officer directly owned 71,519 shares in the company, valued at $428,398.81. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

TechTarget Price Performance

NASDAQ:TTGT traded up $0.03 during trading hours on Friday, hitting $5.90. The company's stock had a trading volume of 772,461 shares, compared to its average volume of 614,982. The stock has a fifty day simple moving average of $6.93 and a 200-day simple moving average of $9.15. The company has a market capitalization of $421.79 million, a P/E ratio of -14.05 and a beta of 0.96. TechTarget, Inc. has a twelve month low of $5.55 and a twelve month high of $33.08. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.96 and a quick ratio of 0.96.

TechTarget (NASDAQ:TTGT - Get Free Report) last posted its earnings results on Tuesday, August 12th. The information services provider reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.17. The firm had revenue of $119.94 million for the quarter, compared to analysts' expectations of $106.19 million. TechTarget had a negative net margin of 252.96% and a negative return on equity of 21.56%. On average, analysts anticipate that TechTarget, Inc. will post -0.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TTGT. Wall Street Zen lowered TechTarget from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. JPMorgan Chase & Co. downgraded shares of TechTarget from a "neutral" rating to an "underweight" rating and cut their target price for the stock from $18.00 to $8.00 in a research report on Tuesday, June 10th. Craig Hallum started coverage on shares of TechTarget in a report on Monday, June 9th. They set a "buy" rating and a $12.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $15.00 price target on shares of TechTarget in a research note on Wednesday, July 2nd. Finally, Lake Street Capital cut their price target on shares of TechTarget from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Tuesday, June 17th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $16.40.

Hedge Funds Weigh In On TechTarget

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Impax Asset Management Group plc lifted its holdings in TechTarget by 23.5% in the first quarter. Impax Asset Management Group plc now owns 526,387 shares of the information services provider's stock valued at $7,796,000 after buying an additional 100,000 shares during the period. Rice Hall James & Associates LLC lifted its holdings in TechTarget by 19.4% in the first quarter. Rice Hall James & Associates LLC now owns 301,382 shares of the information services provider's stock valued at $4,463,000 after buying an additional 48,934 shares during the period. Trigran Investments Inc. lifted its holdings in TechTarget by 20.4% in the first quarter. Trigran Investments Inc. now owns 4,526,836 shares of the information services provider's stock valued at $67,042,000 after buying an additional 767,327 shares during the period. Envestnet Asset Management Inc. lifted its holdings in TechTarget by 35.1% in the first quarter. Envestnet Asset Management Inc. now owns 395,134 shares of the information services provider's stock valued at $5,852,000 after buying an additional 102,716 shares during the period. Finally, Harbor Capital Advisors Inc. acquired a new position in TechTarget in the first quarter valued at $3,921,000. 93.52% of the stock is owned by institutional investors and hedge funds.

TechTarget Company Profile

TechTarget, Inc, together with its subsidiaries, provides marketing and sales services that deliver business impact for business-to-business technology companies in North America and internationally. The company's service enables technology vendors to identify, reach, and influence corporate information technology (IT) decision-makers actively researching specific IT purchases; and customized marketing programs that integrate demand generation, brand advertising techniques, and content curation and creation.